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Business/Finance See other Business/Finance Articles Title: Virtual Economic Reality: Swiss Town Taking Bitcoin for Public Services Sputnik... Residents of a small town in Switzerland will be allowed to use the cyber currency Bitcoin to pay for municipality services like public utilities. Australian entrepreneur Craig Wright on May 2, 2016 identified himself as the creator of Bitcoin, following years of speculation about who invented the pioneering digital currency The Town Council of Zug in Switzerland announced May 3 that its residents will be allowed to use Bitcoin to pay for municipality services as part of a trial run. Zug residents will be allowed to use up to 200 Francs worth of Bitcoin for different services. The trial will continue through 2016 before the town council conducts an analysis to gauge the cost and benefits of the measure. That analysis will determine whether the program continues. Sometimes referred to as “Crypto Valley,” Zug is known for its growing fintech industry. “Our goal is to meet their [fintech entrepreneurs] needs for optimal development in our thriving economic environment,” said Mayor Dolfi Müller. Bitcoin Exchange Approved to Operate Across the EU Conveniently for Bitcoin, Zug happens to be in a country known for its business friendly environment and lax tax laws. According to http://Bitcoin.com, Zug boasts one of the lowest tax rates in the world. Xapo, one of the world’s largest Bitcoin wallets, moved their headquarters to Switzerland last year. “This combination of a hands-off approach by the government and large tax benefits has made the small town into a successful economic hub where global trade flourishes,” read a post in http://Bitcoin.com. According to its website, Bitcoin is a cyber currency that can be used worldwide for irreversible transactions that can’t be blocked by banks or governments. Bitcoin prices are governed by the law of supply and demand and exchanges can flux as well. Bitcoins can be held in various “Wallets” with their own rules and policies. Related: Bitcoin Exchange Approved to Operate Across the EU Ponzi Schemes: From Wall Street to Bitcoin Era EU Ministers Plan Bitcoin Crackdown After Paris to Challenge ISIL Elusive Creator of Bitcoin Nominated for Nobel Prize in Economics New Bitcoin Ransom Encryption Virus Paralyzes Greek Networks Australian Entrepreneur Craig Wright Revealed as Bitcoin Creator The New Gold Standard: What Would Happen if Bitcoin Ruled World Finance Dutch Police Arrest Ten Over Alleged Use of Bitcoin to Launder Money Extensive Bitcoin Use 'Could Disrupt Financial Stability' Unless Restricted US Authorities Charge Bitcoin Mining Companies With Theft Poster Comment: Convert currencies 1 Bitcoin = 461.14 US$ (Has been rising in value recent months; see chart): https://www.bing.com/search?q=bitcoin+dollar+value&pc=MOZI&form=MOZSBR Post Comment Private Reply Ignore Thread
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